Under the partnership, Banco Santander will provide supply chain finance services to companies operating on Tradeshift’s platform.
Spanish banking group Banco Santander has entered into a global partnership with Tradeshift, a San Francisco-based business commerce platform that connects buyers and sellers to deliver end-to-end digitally enabled working capital solutions, the first of which will be supply chain finance, according to Santander.
Santander will provide trade-related financing solutions in an open marketplace connected to more than 1.5 million businesses and their enterprise trading partners.
“With tens of billions of dollars transacted monthly across the Tradeshift platform, layering a trade financing capability will enable an unprecedented adoption opportunity to unlock frozen liquidity,” Santander said.
The joint offering extends the speed and simplicity of the purchase to pay process for clients by linking e-invoicing to supply chain finance provided by Santander, the company said.
Santander and Tradeshift expect to make the solution available in late 2017, initially to clients in the United Kingdom.
Tradeshift inked a similar partnership with HSBC Holdings PLC in March, and received funding from Santander InnoVentures in December.
Tradeshift is a portfolio company of London-based Santander InnoVentures, the $200 million FinTech venture capital arm of Banco Santander.
Santander partners with Tradeshift on supply chain financing
